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Flashcards in 7. Technological Risk Management Deck (15)
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What does technology refer to in the context of a business?

A subset of production.


(1)... may be defined as events that would lead to insufficient, inappropriate or mismanagement of investment in (2)..., in terms of manufacturing processes, product design and/or information management.

(1) Technology risk

(2) technology


Name 3 scopes of technology risk?

1. Lack of investment in technology and not remaining competitive.

2. Inadequate technology governance.

3. Inadequate protection against viruses & hacking.


Name 3 benefits of technology risk management?

1. Improves the quality of information.

2. Identifies certain risks within technology.

3. Forces continuous review of developments in technology.


Name 3 technology types?

1. Information technology

2. Communication technology

3. Control technology


Name 3 information technology tools?

1. Software applications

2. Intranets

3. Telematics


Name 3 communication technology tools?

1. Conference calls

2. Broadband

3. E-mail


Name 3 control technology tools?

1. Computer-aided design (CAD)

2. Computer-aided manufacturer (CAM)

3. Flexible manufacturing systems (FMSs)


What are the risk for information technology tools?

The failure to collect, store, process and communicate information.


What are the risk for communication technology?

The failure to work according to schedule as some might not know what to do due to lack of communication.


What are the risk for control technology?

The incorrect functioning of these tools could lead to a decrease in design capabilities, speed & quality of manufacturing, productivity in general.


Name 3 initiatives to mitigate technology risk?

1. IT governance

2. Investment

3. Projects


What is the initiative of IT governance all about?

IT governance is all about putting IT systems and processes in place to create order in potential chaos. This also helps to manage potential risk.


What is the initiative of investment all about?

This initiative is about how IT systems and processes can be used to help direct the company to make better investment decisions.


What is the initiative of projects all about?

This initiative is about making sure that projects deliver on desired goals and not just another task that is been completed.